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Gasoline Cracks Steady, Diesel Dips on Potential Easing Russia Ban

OIL PRODUCTS

Gasoline cracks are relatively unchanged but diesel cracks extend earlier demand driven losses after Russian fuel producers have been told by the government that the remaining restrictions on diesel and gasoline exports will be lifted next week according to Reuters sources.

  • The front month US crack dipped slightly in reaction to the headline but is still holding only small losses on the day.
  • Gasoline cracks have edged up from lows in mid-October with some limited demand support although remain weak compared to levels seen in H1 with building storage after muted demand and resilient refinery runs supported by demand for distillates. The US crack is trading around 14$/bbl after rallying from a low of 7.48$/bbl.
  • Overall gasoline demand remains weak despite recent support and has enabled gasoline stocks to rise above normal. Refiners continue strong supplies with margins supported by historically healthy diesel cracks.
    • EU Gasoline-Brent down -0.5$/bbl at 7.22$/bbl
    • US gasoline crack down -0.2$/bbl at 14.06$/bbl
    • EU Gasoil-Brent down -1.5$/bbl at 23.74$/bbl
    • US ULSD crack down -1.6$/bbl at 38.35$/bbl
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